In many working environments, it’s believed that employers look for workers who are ‘commercially aware’, this means one who has developed a deep understanding of their industry and the marketplace in which it operates. It is considered a core skill to help businesses and enterprises grow.
According to Dr Opiyo Andala, an educator at Mount Kenya University, it’s essential for one to understand what commercial awareness is and how it can set you apart when hunting for a job.
He says that studies have proven that commercial awareness is one of the key attributes cited by many employers as essential to employability, but unfortunately one that many people seem unable to demonstrate.
And this can even be seen in job advertisements, discussions between recruiters, and career guidance websites.
Commercial awareness is the understanding of how certain businesses and industries operate and make money, it understands its competitors and customers.
It is believed that commercial awareness allows one to intelligently speculate the future of an industry, as well as predict future trends by having an understanding of the past.
Andala says when it comes to applying for jobs, commercial awareness is important as employers will expect candidates or individuals to demonstrate how well they know their business or organisation.
He goes on to add that one of the things employers look for in a candidate is how well one understands the business or what they (applicants) are looking for.
He says this could be knowledge of its activities or products, how it makes money, how it is managed, and how the role applied contributes to the organisation.
Also, Andala says, employers would look for someone who understands the marketplace, which he says would include knowledge of major competitors, or any issues that might affect a client’s willingness to spend money.
How to develop commercial awareness
According to information from Bright Network, an online platform that connects the next generation with the opportunities, insights, and advice to succeed as the workforce of tomorrow, staying switched on and up-to-date is one way of developing your commercial awareness.
It states that it’s easy in the midst of university life to forget about the outside world. However, staying up-to-date doesn’t have to be difficult, nor does it mean reading the Financial Times cover-to-cover on a daily basis.
Also, it notes that improving commercial awareness doesn’t have to be a chore. Discover what you’re truly interested in and learn from there.
One also needs to conduct thorough research on the employer immediately before they can apply for any job. Start developing general knowledge of the industry one wishes to enter and your awareness of political and economic events well in advance of applying.
In addition to this, follow industry news as well as setting up email alerts on specific search terms, follow relevant Twitter feeds, and read industry news online.
Also, keep in mind that any practical workplace experience gained via an internship or a part-time job will help you acquire commercial understanding.